1.Shiba Inu
Shiba Inu (SHIB), a token with an interesting dog theme, recently took an important step with the launch of the Shibarium layer-2 network.
Passing one million wallets on a Sunday, this milestone signifies growing interest in and adoption of the network’s functionality.
Increased buying pressure adds to SHIB’s appeal and as more users create wallets, the outlook for the token for the coming months becomes even more lucrative.
One of the most interesting aspects of the Shibarium network is the potential for significant token burns arising from transactions.
By sending millions or even billions of tokens to inactive wallets, the network effectively reduces the circulating supply of SHIB tokens. If this burn is executed this month, the impact on SHIB’s position in the market index could be huge.
2. Dogecoins
Meanwhile, another significant development is making waves across the cryptocurrency landscape.
Elon Musk’s company, Twitter (now called X), has been licensed to facilitate crypto trading and settlement in seven US states. These states include Arizona, Missouri, Georgia, Maryland, Michigan, New Hampshire and Rhode Island.
This move not only expands X’s reach, but also shows the growing acceptance of digital assets as viable financial instruments.
Elon Musk’s relationship with crypto is well documented, especially his association with Dogecoin (DOGE). Given his interest in innovation, Musk will probably integrate DOGE as a payment option on the X platform.
A move like this could open up new opportunities for Dogecoin and potentially cause a spike in market performance. As a result, DOGE charts can experience significant fluctuations as the market responds to newfound utility.